Grandfield, Oklahoma Property Taxes
The median property tax rate in Grandfield, OK is 0.94%, slightly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $118,960 in Grandfield, the typical annual property tax bill is approximately $1,123, which is significantly below the national median of $2,690. Property taxes in Grandfield are calculated based on the assessed value, which is often less than the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Grandfield's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Grandfield or another part of Cotton County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Grandfield, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.94%
Estimate Property Tax Bill
$1,118
Ownwell’s Grandfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grandfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grandfield to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Grandfield, Oklahoma
Property taxes in Grandfield, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Grandfield is 0.94%, which is slightly below the U.S. national median of 0.99%. Local government entities within Grandfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grandfield estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Grandfield's effective property tax rate to other areas in Oklahoma and the national median. For comparison, the zip code 73546 has both the highest and lowest median property tax rate of 0.94%. Understanding how these cities compare with Grandfield provides valuable insights into the varying tax landscape across Cotton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Grandfield Tax Rate
0.94%
Average Cotton County Tax Rate
0.94%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grandfield, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73546 | 0.79% | 0.93% | 0.94% | 1.01% | 1.02% |
Source: Ownwell
Property Tax Assessment Values Across Grandfield, Oklahoma
In Grandfield, Oklahoma, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Cotton County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Grandfield, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Grandfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Grandfield's highest and lowest median tax bills are both $1,123, found in the 73546 zip code, reflecting a consistent tax environment across the area.
Average Grandfield Assessed Value
$118,960
Average Cotton County Assessed Value
$65,187
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Grandfield, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73546 | $58,120 | $104,741 | $118,960 | $146,857 | $198,689 |
Source: Ownwell
Property Tax Bills Across Grandfield, Oklahoma
In Grandfield, Cotton County, OK, property tax bills are calculated based on the assessed value of a home, which is a percentage of the market value. For example, with a median home price of $118,960, the property tax rate in this area can lead to varying tax bills. Factors such as the property's location, improvements, and local tax rates influence the final amount. Homeowners in Grandfield can expect their tax bills to range significantly. The 25th percentile tax bill is around $978, while the 75th percentile reaches $1,495. For those at the higher end, the 90th percentile tax bill can be as much as $2,018. Compared to the national median property tax rate of 0.99%, Grandfield's tax bills reflect the local economic conditions and property values. This variability in tax bills affects homeowners by impacting their annual expenses and influencing decisions related to property investment and homeownership affordability.
Average Grandfield Tax Bill
$1,123
Average Cotton County Tax Bill
$542
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Grandfield, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73546 | $503 | $978 | $1,123 | $1,495 | $2,018 |
Source: Ownwell